Golden Ocean Group Announces Sale

Thursday, August 09, 2007

Golden Ocean Group Limited has agreed to sell the vessel M/V Shinyo Brilliance.
The vessel is a Panamax bulker and is one of the long-term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the Buyers within the end of December 2007 and the agreed purchase price is $72m net.
The strike price for the option is about $20m net and the transaction will thereby free up approximately $52m in cash liquidity.